Fifth Third Bancorp (FITB) Tops Q2 EPS by 2c

Fifth Third Bancorp (NASDAQ: FITB) reported Q2 EPS of $0.45, $0.02 better than the analyst estimate of $0.43.

• 2Q17 net income available to common shareholders of $344 million, or $0.45 per diluted common share
• Results included a negative $0.01 impact on reported 2Q17 earnings per share resulting from a $9 million pre-tax (~$6 million after-tax) (a) charge related to the valuation of the Visa total return swap
• Reported net interest income of $939 million; taxable equivalent net interest income of $945 million(b), up 1% from 1Q17 and up 4% from 2Q16; excluding the 1Q17 card remediation impact, up 2% from 1Q17(b)
• Taxable equivalent net interest margin of 3.01%(b), down 1 bp from 1Q17 and up 13 bps from 2Q16; adjusted net interest margin, excluding the 1Q17 card remediation impact, up 3 bps from 1Q17(b)
• Average portfolio loans and leases of $92.0 billion, flat from 1Q17 and down 2% from 2Q16
• Noninterest income of $564 million, up 8% from 1Q17 and down 6% from 2Q16
• Noninterest expense of $957 million, down 3% from both 1Q17 and 2Q16
• Net charge-offs (NCOs) of $64 million, down $25 million from 1Q17 and down $23 million from 2Q16; NCO ratio of 0.28% compared to 0.40% in 1Q17 and 0.37% in 2Q16
• Portfolio nonperforming asset (NPA) ratio of 0.72% down 7 bps from 1Q17 and down 14 bps from 2Q16
• 2Q17 provision expense of $52 million compared to $74 million in 1Q17 and $91 million in 2Q16
• Common equity Tier 1 (CET1)(c) ratio of 10.63%; fully phased-in CET1 ratio(b)(c) of 10.52%
• Tangible common equity ratio of 9.12%(b); 9.02% excluding unrealized gains/losses(b)
• Book value per share of $20.42 up 1% from 1Q17 and up 2% from 2Q16; tangible book value per share(b) of $17.11 up 1% from both 1Q17 and 2Q16

For earnings history and earnings-related data on Fifth Third Bancorp (FITB) click here.

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